Brent Rises as US-Iran War Intensifies

2026-03-04 23:50 By Jam Kaimo Samonte 1 min. read

Brent crude futures climbed more than 2% to above $83 per barrel on Thursday, extending this week’s advance as hostilities between the US and Iran escalated after a US submarine reportedly sank an Iranian warship off the coast of Sri Lanka.

US Defense Secretary Pete Hegseth described the strike as the “first such attack on an enemy since World War II.” The broader US-Israeli campaign against Iran has now entered its sixth day, keeping markets on edge for further escalation and the risk of a drawn-out conflict.

The crisis has effectively halted commercial shipping through the Strait of Hormuz, after the IRGC warned it would “set ablaze” any vessel attempting transit.

In an effort to limit a wider energy shock, President Donald Trump offerd risk insurance and naval escorts for commercial vessels transiting the Persian Gulf, while Treasury Secretary Scott Bessent outlined additional measures aimed at stabilizing Gulf markets.



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